Accountability on the dissloution of the partnership deed
MAAJIS
(Querist) 16 August 2011
This query is : Resolved
Between the partners on their landed property there was an partnership agreement been made on 50 : 50 ratio as both the party owed the property to equal extend i.e. 100 cents ( 50 + 50 )
As per the agreement one of the parties was made to be accountability for the construction activity, to maintain all records,
As on books one of the partner( A) paid 50% of the construction cost to another partner (B) before the registration deed could come into existence, thereby the other partner showed only 12% on books and the balance on the other for the construction cost, the same was shown as balance due in the agreement too as due ..
Well at a certain stage the construction was stopped and after a period of 4 years , the latter partner (B) filled a arbitration suit , claiming for accounts and dissolution of the firm
During this course of arbitration he(B) claimed for public auction and won the suit as against meets and bounds under 2:1 judgment , further it was appealed in the lower court , there also the order was passed for public auction ( both parties were private individuals )
Latter when the first party(A) who had paid 50% on account the other party ,appealed to high court , where in the order was passed - As both the parties shall take their own share back as land and building as is where in condition as on date and as per their own sharing ratio back to them
Well the question comes is whether the accountability for the amount invested is refundable or not and if so what rate of interest is claimable on the same .
On the High court the first order was passed , to share the land and building as per their ratio and to retain in whatever fashion required , whereas while claiming for the amount the matter was posted and so far nothing is coming up other than the dates
Pls guide me , we have almost lost most of our self on this ……
prabhakar singh
(Expert) 16 August 2011
unless you attach the high court judgement ,at least i, find my self unable to guide you properly.
ajay sethi
(Expert) 16 August 2011
you have engaged lawyers to fight your case in high court .go by their advice .
without going through the papers of your case no lawyer will be in a position to guide you
Dr Anil Kumar Singh
(Expert) 16 August 2011
You must stick to advice of your lawyers. Since you have a registered deed of partnership, it must have a dissolution clause and hence the partnership will be dissolved as per the dissolution clause. Rest varies from case to case. An advice can only be given after perusal of the papers
MAAJIS
(Querist) 16 August 2011
Respected Sir
i shall forward the last certified copy received on the file from the High Court ( Order Sheet)
Dr Anil Kumar Singh
(Expert) 16 August 2011
The order is very clear on the aspect of immovable property and it states that you two have no dispute on disposal of the same. However the amount of share of you both after dissolution of the firm is under dispute. Your partnership deed and arbitration award are two relevant documents. However , stick to your lawyers advice. You can file expedite/listing application before Hon'ble court for early disposal of the matter.
ashok kumar singh
(Expert) 16 August 2011
Pls. consult your Ld. Advocate and go by his advise, that will be only proper in your such case.
